After 138 months, the Reserve Bank of Australia (RBA) has decided to increase the official cash rate by 25 basis points to 0.35 per cent in response to increasing inflation pressures. The latest inflation data showed Australia had recorded the highest quarterly and annual increase in more than two decades. The last time the RBA increased interest rates […]
Redraw facilities and offset accounts work in a similar way – they both effectively allow you to reduce the balance of your home loan, which reduces the amount of interest you pay.
Saving for the 20% home deposit takes an average of 4.6 years, rising to over eight years for those buying in Sydney. Thus saving for a deposit can make the great Australian dream of buying a home seem out of reach. Paying loan mortgage insurance is one way of buying a home without having the […]